Green Critical Minerals Ltd (ASX:GCM) Updates on Quarterly Activities
Green Critical Minerals Ltd (GCM) has announced substantial progress during the December 2024 quarter, primarily driven by the acquisition of Advanced Graphite Technology to produce Very High Density (VHD) Graphite. This technology opens avenues into the industrial and electronic markets, with an estimated annual value exceeding US$680 billion.
Acquisition Details
GCM successfully acquired 100% rights to advanced graphite technology developed by Cerex Pty Ltd, which has the capability of converting graphite powder into saleable VHD blocks. This proprietary technology is capable of producing high-performance materials suitable for diverse applications, including defence and nuclear sectors, aerospace, semiconductors, and heat management systems.
Product Development and Pilot Plant Activities
Significant milestones were achieved during the quarter, including the successful commissioning of GCM’s VHD Technology pilot plant in New South Wales, completed ahead of schedule. The plant’s first production run yielded 12 test VHD graphite blocks that demonstrated exceptional density results, achieving averages up to 1,979 kg/m³, surpassing industry benchmarks.
Future Prospects and Cash Position
The company concluded a placement to raise A$2,479,819, enhancing its cash position to A$1.885 million at the end of the quarter. GCM is well-positioned to advance commercialisation efforts for its VHD technology, with customer qualification and laboratory-scale production anticipated in Q2 2025.
Strategic Hiring
Professor Andrew Ruys was appointed as Head of Research and Development, tasked with leading the commercialisation of VHD Graphite blocks. His expertise is expected to drive innovation and expedite the introduction of VHD technology into the market.
Exploration and Project Updates
GCM completed its earning requirements for an 80% interest in the McIntosh Graphite Project and continued its pre-feasibility studies, slated for completion in Q1 2025. The exploration team also advanced the Boulia Project, confirming the geological interpretations from prior research.
Legal Matters
GCM remains engaged in legal proceedings against Hexagon Energy Materials Limited regarding a breach of agreement. The situation is being monitored closely as the company pursues a resolution.
GCM’s strategic advances and financial positioning fortify its pathway towards commercial success and significantly contribute to the clean energy transformation.
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